Reliance Industries on Friday reported more than doubling of its March quarter net profit to Rs 13,227 crore as improvement in petrochemical and consumer business countered continued weakness in refining business.
The well, CB10A-N1 encountered hydrocarbon bearing zone between 1,388 and 1,403 meters below the earth in the block CB-ONN-2003/1 near Ahmedabad, the company said in a press statement in Mumbai.
The deal is expected to be around Rs 1,000 crore (Rs 10 billion) in size and will take a month to conclude, a person involved with the talks between the two groups said. The plot is a part of the 18.5-acre land RIL had bought in 2006 from Mumbai Metropolitan Region Development Authority for Rs 1,104 crore (Rs 11.04 billion) in an auction.
The Anil Ambani group, fighting a legal battle for securing 28 mmscmd gas for Reliance Natural Resources from RIL at a price of $2.34 per mmBtu under a family settlement, had last week questioned the marketing margin and had informed RIL that it would not pay the same.
Cutting across party lines, MPs in Rajya Sabha expressed deep concern over the dispute and said the private contractor should not be allowed to enter into a memorandum of understanding for distribution of gas from a national asset.
Two Reliance group firms - Reliance Consumer Products Ltd (RCPL) and Reliance Retail Ventures Ltd (RRVL) - have announced an open offer to acquire a 26 per cent additional stake in Lotus Chocolate. The firms will together acquire 33.38 lakh shares of Lotus Chocolate from the open market at a fixed price of Rs 115.50 per share, said a notice by DAM Capital, which is managing the offer. The offer will aggregate to a total consideration of Rs 38.56 crore over the full acceptance, said an open offer-detailed public statement shared by the company with stock exchanges on Thursday.
Two Indian companies - Reliance Industries and Tata Consultancy Services - figure in the financial disclosure report submitted by Lawrence Summers, director of President Barack Obama's National Economic Council.
Axis Bank was the top gainer in the Sensex pack, rallying over 4 per cent, followed by ICICI Bank, UltraTech Cement, HUL, SBI, PowerGrid, Bajaj Auto and Reliance Industries. NSE Nifty jumped 143.65 points to 14,485.
Reliance Industries' flagging KG-D6 gas block holds 80 per cent less reserves than previously estimated, the firm's junior partner Niko Resources of Canada said.
RIL said production capacity from KG-D6 has far exceeded the 40 million standard cubic meters per day (mmscmd), for which buyers have been tied-up, and has asked the government to immediately name customers for an additional 25 mmscmd so as to avoid irreversible damage to the field reservoirs.
The first cargo of 25,000 tonnes of Euro-IV grade diesel from RIL's refinery at Jamnagar was shipped by Hindustan Petroleum Corporation Ltd on Friday, said an informed source. This is also the first coastal supply of Euro-IV diesel for the Indian market.
RIL plans to give up about 56 per cent of "low prospectivity area" in its eastern offshore KG-D6 block and retain only the portion where oil and gas discoveries have been made.
The university will be set up under Reliance Foundation, the new philanthropic initiative of the Reliance Group, and will be modelled on the lines of American universities. RIL will invest Rs 500 crore (Rs 5 billion) in the foundation with plans to scale up its contribution to Rs 1,000 crore (Rs 10 billion).
Vendors say Infotel Broadband close to signing tower leasing deals with Anil Ambani company
India Gas Solutions Pvt Ltd -- the equal joint venture between the Mukesh Ambani-led firm and Europe's second largest oil firm - is among the three companies shortlisted by Gujarat government for giving out 25 per cent stake in the Mundra terminal.
GAIL on Wednesday said it is in talks with Reliance for laying a Rs 6,725 crore pipeline from Kakinada in Andhra Pradesh to Uran to pipe natural gas from RIL's gas fields in Bay of Bengal to consumption centres in West and North.
Mukesh Ambani-controlled Reliance Industries on Wednesday said there are no proposals for a bonus issue or a stock split of its shares.
Days after a CAG draft report said his firm got out of turn favours from the oil ministry and its technical arm DGH, Reliance Industries chairman Mukesh Ambani on Friday met Prime Minister Manmohan Singh.
The Registrar of Companies has given a clean chit to Reliance Industries, while disposing of complaints that its merger with Reliance Petroleum would benefit only promoter Mukesh Ambani.
Adani Enterprises' proposed Rs 20,000 crore (Rs 200 billion) fundraising via fresh issue of equity shares through a public offer would be the fourth biggest by Indian companies, excluding banks and non-banking financial companies.
Nine of the top-10 most valued companies together lost a whopping Rs 309,178.44 crore in market valuation last week as selloffs continued. In a holiday-shortened past week, the 30-share BSE Sensex plummeted 1,836.95 points or 3.11 per cent amid geopolitical tensions, global sell-off triggered by a hawkish US Federal Reserve and unabated foreign fund outflows. From the top-10 list, State Bank of India was the lone gainer as its valuation jumped Rs 18,340.07 crore to reach Rs 467,069.54 crore.
Gas production at KG-D6 field dropped by a steep 53 per cent.
RIL's predominantly gas rich KG-D6 block, off the east coast, has also helped boost availability of the environment friendly fuel in the country.
RIL now has the capacity to produce 60 mmscmd but is constrained to produce less as the government is yet to identify customers beyond the initial 40 mmscmd that had been allocated primarily to fertiliser and power producers in accordance with the Gas Utilisation Policy.
In a surprise move, oil regulator DGH has asked Reliance Industries to include the marketing margin the company charges on sale of natural gas from its field to the approved gas price for calculating the government's share from the project.
BP Plc, Europe's second biggest oil company, and Reliance Industries will invest $5 billion in developing untapped gas reserves in the KG-D6 block as the partners attempt to reverse the fall in gas production.
RIL's Dubai-based subsidiary Reliance Exploration & Production DMCC "signed the completion documents for divestment of its 25 per cent working interest in the Yemen's Block-9 to Medco Yemen Malik Ltd, a wholly-owned subsidiary of PT Medco Energi Internasional Tbk of Indonesia," the company said in a statement.
Reliance Industries has announced the setting up a 2 million tonne per annum petrochemical complex at its special economic zone at Jamnagar with an investment of Rs 13,500 crore (Rs 13.5 billion).
In a letter to the state principal secretary (energy and petrochemicals) S Jagdeesan on September 4, RIL executive director PMS Prasad said NTPC is currently buying natural gas on spot basis, which could potentially increase the cost of power by about Rs 1,500 crore.
A Committee of Secretaries will meet on July 6 to discuss pricing of natural gas to be produced from Reliance Industries' block off the east coast and whether the Centre should take its share in cash or kind.
Petroleum Minister Murli Deora has sought reconstitution of an empowered group of ministers to decide on allocation of gas from RIL-operated KG-D6 fields to new customers. Deora, who met T K A Nair, principal secretary to the prime minister on Sunday, has formally written to the Cabinet secretary for reconstitution of the eGoM on the lines of the previous ministerial group headed by the then External Affairs Minister Pranab Mukherjee.
Reliance had shut its 1,432 filling stations in March 2008 after sales dropped to almost nil as it could not match the subsidised price.
Cairn India is 25th on the list with 22.2 per cent CGR.
"All requirements including providing bank guarantee have been met by NTPC and gas flow can start as early as tomorrow," an official said.
1,400 km pipeline will transport gas from KG basin to west coast.
Oil ministry had previously proposed a 30 per cent hike in price of gas produced by Oil and Natural Gas Corporation and Oil India Ltd to $2.3 per mmBtu but finance ministry wants these rates to be brought on par with RIL, sources in the know of the development said.
RIL, which operates the world's largest refining complex at Jamnagar in Gujarat, said it earned $10.3 for turning every barrel of crude oil into petroleum products.
A slew of investment proposals in West Bengal, starting from agri-retail chain to petrochemicals, are likely to be discussed when Reliance Industries Chairman Mukesh Ambani meets Chief Minister Buddhadev Bhattacharya in Kolkata on Wednesday.
Among Sensex components, shares of Reliance Industries, India's largest company by market value, stole the show by surging 1.61 per cent to their highest in over three months.
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